The Nasdaq 100 dropped 2% in the first 35 minutes of trading. At the same time the advances went from over 6.5 to 1 decline to 2.7 declines to 1 advance. This is a very sharp decline.
It seems that my thinking that people would sell into the rally is correct. But I was sure wrong about the peaks that they would sell at. I was sure the market would go well above 1950 before selling came back in.
Now to see where buying the dip takes place. As I write the NYSE a/d is only 2 issues down for every 1 up. The Nasdaq composite on the other hand is 5.5 issues down for every 1 up.